2018 RANKING & REVIEWS
BEST BANKS & CREDIT UNIONS IN LONG BEACH, CA
2018 Ranking | Boost Your Savings Power with the Top 5 Credit Unions & Banks in Long Beach, CA (+ 1 to Avoid)
The city of Long Beach, CA may be best known for beautiful beaches and being 25 miles South of the hustle and bustle of Los Angeles. But this Southern California city is also home to one of the world’s largest shipping ports.
If you live or work in Long Beach and are looking for ways to grow your nest egg to enjoy more time in the sun and surf, you’ll want to read on. We’ve found the top Long Beach banks and credit unions to help you do just that and that offer great banking services, accounts, and loan rates too.
Award Emblem: Top 7 Best Banks & Credit Unions in Long Beach, CA
Long Beach is right on the edge of Los Angeles County, bordering Orange County. AdvisoryHQ has also taken that into consideration when compiling our list and also included both Los Angeles and Orange County credit unions & banks, as many serve the entire area.
Growing your money is our focus in this ranking, and you’ll see in our FAQ ways to save and invest at a bank or credit union in Long Beach, CA. We’ll also highlight multiple savings and investing rates these best banks and credit unions in Long Beach.
Top 5 Best Long Beach Credit Union or Bank (& 1 to Avoid) | Brief Comparison & Ranking
|Long Beach Credit Unions & Banks||2018 Ratings|
|Bank of the West||5|
|Farmers & Merchants Bank||5|
|LBS Financial Credit Union||5|
|Orange County’s Credit Union||5|
|Bank of America||3|
|VA Desert Pacific Federal Credit Union||1|
Table: Top 5 Credit Unions & Banks in Long Beach (& 1 to Avoid) | Above list is sorted by rating
AdvisoryHQ Review | Banks in Long Beach, CA FAQ | What are the Options for Saving & Investing at Banks & Credit Unions?
Most people are familiar with certificates of deposits (CDs) offered by banks in Long Beach, CA, but do you know what the credit union equivalent is? Theirs are called share certificates.
Whether you’re a risk taker or safe saver, each Long Beach credit union or bank offers a variety of ways to invest or just gain interest on what you currently have in your account. Below are the common options you’ll find for growing your money at credit unions and banks in Long Beach, California.
- Savings Account
- Interest-Earning Checking Account
- CDs or Share Certificates
- Money Market Account
- Stocks & Bonds
- Exchange-Traded Funds (ETFs)
AdvisoryHQ’s Selection Methodology
What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top-rated lists?
Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top-rated credit cards, financial accounts, firms, products, and services.
Detailed Review – AdvisoryHQ’s Top Ranking of Best Banks & Credit Unions in Long Beach (& 1 to Avoid)
Below, please find a detailed review of each firm on our list of top Long Beach credit unions and banks. We have highlighted some of the factors that allowed these credit unions and banks in Long Beach, California to score so highly in our selection ranking.
Click on any of the names below to go directly to the review section for that firm.
- Bank of the West
- Farmers & Merchants Bank
- LBS Financial Credit Union
- Orange County’s Credit Union
- Bank of America
- VA Desert Pacific Federal Credit Union
Bank of the West Review
Bank of the West is one of the oldest financial institutions in Long Beach. It began in 1874, during the gold rush days. It’s now affiliated with a leading European bank, BNP Paribas, giving it a global reach. This bank in Long Beach, California serves 23 states and has 26 locations in the Long Beach area.
Below are the highlights that make Bank of the West stand out on AdvisoryHQ’s 2018 Ranking of the Best Long Beach Banks and Credit Unions.
Savings Benefits at Bank of West in Long Beach, CA at a Glance:
- Get 15 online commission free trades per month
- Online trades as low as $6.95 each
- Money market savings account with 0.02% to 0.23% APY
- 12-60 month CDs with 0.03% to 0.70% APY
- Premier Checking with interest that has special CD rate offer
If you want to keep control of your investments, Bank of the West puts the power in your hands. You don’t need to go through a special trading company to dip your toes into the stock market. This is one of the Long Beach banks that gives you the tools you need for low-cost trades at your own pace.
Through their Self-Directed Investing you can trade for as little as $6.95 each and have access to options like alerts, watchlists, and screen stocks, ETFs, mutual funds and more.
Despite a few negative reviews about their downtown Long Beach branch, multiple customers enjoy the friendly service at Bank of the West and feel like family. We rated Bank of the West a 5 as one of the top banks in Long Beach, CA.
Bank of the West has earned multiple banking and investment awards, such as Best Client Initiative for Strategic Philanthropy and Purpose Investments from Family Wealth Advisors. So, you know this is one of the banks in Long Beach, California that knows how to grow your money.
Although they’re among the larger Long Beach banks, they’ve maintained their “small town” customer service and an A+ rating at the Better Business Bureau (BBB). Bank of the West is a great choice for easy saving and investing with great online tools at your disposal.
Farmers & Merchants Bank Review
If you’re looking to bank with a “hometown team,” then look no further than Farmers & Merchants Bank. It was started in Long Beach over a century ago and prides itself on giving back to the community. They have 14 branches in the Long Beach area and 24 throughout Southern California.
Below are the highlights that make Farmers & Merchants Bank stand out on our 2018 Ranking of the Best Long Beach Credit Unions and Banks.
Savings Benefits at Farmers & Merchants Bank in Long Beach, CA at a Glance:
- Money market savings accounts at 0.01% to 0.05% APY
- IRAs at 0.20% APY
- Christmas Club savings account with 0.10% APY
- 12-23 month CDs with 0.20% APY
- Platinum Checking with 0.10% to 0.15% APY
CDs with Flexible Terms & Rates
Farmers & Merchants Bank offers some of the most flexible and highest earning CDs of any bank or credit union in Long Beach, CA. You can chose a really short-term investment of just a week to 31 days and get 0.05% APY or opt for 60 months with 1.21% APY.
Farmers & Merchants Bank scored a 5 on our list of the best banks and credit unions in Long Beach. They get high praise from both personal and business customers who note helpful staff and short lines. A few of the negative reviews we saw came from those wanting change or money services, but didn’t have an account.
While Farmers & Merchants Bank may not have all the high tech online trading tools for stock investments that larger banks in Long Beach, CA have, they make up for that with excellent CD and savings rates.
They have an A+ rating at the BBB and are an excellent choice for homegrown Long Beach credit union or bank that has been a big community supporter for over 100 years.
LBS Financial Credit Union Review
This Long Beach credit union was started in 1935 for Long Beach School District employees. Today, LBS Financial Credit Union is open to anyone that lives or works in Orange, Riverside, San Diego or San Bernardino counties or multiple cities in Los Angeles County, including Long Beach.
The have 5 locations in the Long Beach area, plus are part of the CO-OP shared branches network with over 5,000 shared branches and nearly 30,000 ATMs.
Below are the highlights that make LBS Financial Credit Union stand out on AdvisoryHQ’s 2018 Ranking of the Best Long Beach Credit Unions and Banks.
Savings Benefits at LBS Financial CU in Long Beach Credit Union at a Glance:
- Money market accounts from 0.15% to 0.40% APY
- Retirement planning with a LBS financial consultant
- Investments through LPL Financial
- 12 month share certificate with 1.20% APY
- Dividend-earning checking account
Checking & Savings That Grow
If you prefer the safety of just quietly growing your money through interest earning savings and checking accounts, then you’ll like the rates at this credit union in Long Beach, CA.
LBS Financial Credit Union pays 0.10% APY on a savings account with balance below $100.00, and 0.15% for higher balances. If you have an average daily balance of 1,000 in your checking account, then you’ll get 0.10% APY, which is one of the highest for interest checking of any banks or credit unions in Long Beach.
Both first time and long term customers have great things to say about LBS Financial Credit Union. The few negative reviews centered around their technology (website and mobile app). We rated LBS Financial Credit Union a 5 as one of the best Long Beach credit unions and banks.
Members mention LBS Financial staff “bending over backwards’ to help them. This is a Los Angeles and Orange County credit union that gives back to the local community through support of charities and volunteer hours by employees.
If you’re a “no-risk” type that would rather earn as much as they can with their checking or savings account, you’ll want to consider LBS Financial Credit Union. Whether you’ve been considering a large or small Los Angeles or Orange County credit union, the rates at this one are hard to beat.
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Orange County’s Credit Union Review
Orange County’s Credit Union was started in 1938 to serve county employees, and has grown to over 100,000 members. Anyone that lives or works in Orange or Riverside counties or the cities of Long Beach, Signal Hill, Lakewood, and Cerritos is eligible to become a member.
This is an Orange County credit union with 7 branches in Long Beach and the surrounding areas. They’re also part of the CO-OP network of shared branches.
Below are the highlights that make Orange County’s Credit Union stand out on our 2018 Ranking of the Best Long Beach Credit Unions and Banks.
Savings Benefits at Orange County’s Credit Union at a Glance:
- Savings accounts earning from 0.05% to 0.10% APY
- Investment products including stocks, bonds, and mutual funds
- Money market accounts from 0.15% to 0.45% APY
- 12 month share certificate with 1.20% APY
- Interest-earning checking account at 0.05% APY
Multiple Investment Choices
If you prefer banking at one of the smaller local credit unions in Long Beach but still want robust investment options, you’ve found the right place. Orange County’s Credit Union has been offering investment services for over 25 years.
They offer a full range of products including Roth and traditional IRAs, Tax-Deferred Annuities, Life Insurance, stock and bonds, pension plans, and more.
Orange County’s Credit Union gets high marks on review sites across the board. Customers note friendly and fast service as well as employees going the extra mile for them. We rated them a 5 as one of the best Long Beach credit unions.
They’ve won several awards over the years including the Best of OC Award for being a top credit union in Orange County. This is also one of the credit unions in Long Beach that is part of the Love My Credit Union Rewards Program, giving you discounts on multiple products and services.
If you like a perfect balance between lots to offer with exemplary customer service, this is one of the credit unions and banks in Long Beach, CA you’ll definitely want to visit.
Bank of America Review
The largest bank in Long Beach on our list is Bank of America. They serve hundreds of communities in over 35 countries, and have 26 locations in the Long Beach area. If you like the convenience of a branch nearly anywhere you go, then Bank of America in Long Beach is one you’ll want to check out.
Below are the highlights that make Bank of America Long Beach stand out on this 2018 Ranking of the Best Long Beach Credit Unions and Banks.
Savings Benefits at Bank of America in Long Beach, CA at a Glance:
- Get up to $600 when you open a new Merrill Edge® account or IRA
- $6.95 per unlimited online equity and ETF trade
- 529 tax-advantaged college savings plans
- 12-month CDs with 0.07% APY
- Interest-earning checking earning 0.01% – 0.02% APY
You Get the Power of Merrill Lynch Wealth Management
Bank of America in Long Beach gives you a wealth of investment experience through Merrill Lynch Wealth Management and Merrill Edge®. Their research arm has been named No. 1 Global Research Firm by Institutional Investor magazine for several years running.
Whether you’re new to investing in stocks and bonds or a seasoned pro, this is definitely one of the Long Beach banks that has a deep breadth of knowledge and experience for any type of investor.
We rated Bank of America Long Beach a 3 on our 2018 Ranking of the Best Banks and Credit Unions in Long Beach. They have high marks from the BBB, with an A- rating, however reviews on Yelp consistently mention long lines at branches and some ATMs that don’t work properly.
In this day and age, many people do their banking online and Bank of America’s mobile banking app gets high ratings at both the iTunes and Google Play stores. For convenience of having a branch not only in nearly every U.S. city, but also overseas, this bank in Long Beach is hard to beat.
You’ve also got multiple investment and savings options, something a big bank can offer that not all banks in Long Beach, CA can. Bank of America Long Beach is a great choice if you want to bank with a large institution that also maintains good ratings for customer support.
VA Desert Pacific Federal Credit Union Review
The one Long Beach credit union that you may want to avoid for now is VA Desert Pacific Federal Credit Union. While small credit unions can be hometown favorites, this one has just two branches, one in Long Beach and one in Los Angeles. They also have mixed reviews online about their customer service.
Their membership requirements are more difficult to meet than at other credit unions in Long Beach. To be eligible to join, you need to work or volunteer for the Department of Veterans Affairs or two other veterans organizations, or be employed at Seaside Child Development Center.
Below are some of the improvements we feel would help VA Desert Pacific Federal Credit Union get a higher rating on AdvisoryHQ’s future Long Beach credit unions and banks ranking.
Serve More of the Community
VA Desert Pacific Federal Credit Union is a member of the CO-OP shared branches network. This offers more branch location options, however with just two of their own dedicated branches, it’s hard for members to feel they have the financial partner they need.
They may prefer to remain small, but if they added just a few more dedicated branches and added some Saturday hours, it would go a long way toward attracting new members.
As a credit union in Long Beach, CA that you may want to avoid until they grow, we rated VA Desert Pacific Federal Credit Union a 1 on our listing of Long Beach banks and credit unions.
They serve a distinct and honored part of the population, but their negative online reviews note mistakes happening often and poor customer support. Overall, with a focus on their online reputation and member convenience, they wouldn’t have too far to go to be reconsidered for a future best banks and credit unions in Long Beach list.
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Conclusion – Top 5 Best Credit Unions & Banks in Long Beach, CA (+ 1 to Avoid)
This beautiful coastal city includes gorgeous beaches and a vital international trade port. It also has top-notch Long Beach credit unions and banks of all shapes and sizes. From large international corporations to homegrown favorites, options for growing your money here are plentiful.
If you want to get the most for your time and dollars at one of the top banks in Long Beach, CA, we recommend comparing the rates at each for the type of investment products that fit your lifestyle best.
You may be surprised at how fast you can grow that retirement fund with just a little rate shopping at these premiere Long Beach banks and credit unions.
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